Tuesday, March 25, 2008

Mid Session Market

The market has gained further ground as strong buying continued across the board. The BSE Sensex and NSE Nifty both are trading with a significant gain of more than 4%. The broader market has also joined the rally, as the Mid Cap is trading with 4% up and the Small Cap with 3.5%. The Realty, Bank, IT and Metal are the hot pursuits today. The overall market breadth remains extremely positive, as 1809 stocks are advancing while 751 stocks are declining and the 50 stocks remained unchanged on BSE.

The BSE Mid cap is higher by 255.52 points at 6,061.05 and the BSE small Cap advanced by 245.17 points to trade at 7,195.29.

At 12.50 pm, BSE Sensex was at 16,016.06 up by 726.66 points and Nifty was at 4,818.50 up by 208.65 points.

BSE Metal index surged by 636.56 points to trade at 13,085.46. The major gainers are Tata Steel (5.41%), SAIL (5.35%), Sterlite Industries (4.99%) and Hindalco Industries (4.55%).

BSE Capital goods index advanced by 551.41 points to 13,777.42. The main gainers are BHEL (4.59%), ABB (4.07%), L&T (3.88%) and Siemens (3.70%).
BHEL has embarked a major capacity augmentation scheme. The company has invested Rs190 crore on equipment to produce 10,000 mw of power capacity and will be investing Rs732 crore to further enhance the capacity to 15,000 mw. Also, the company is likely to spend nearly Rs5,000 crore over the next three years in its yet to be formed joint venture companies with NTPC and Nuclear Power Corporation of India Ltd.

BSE Banks index advanced by 475.42 points to trade at 8,219.77. The top gainers are ICICI Bank (7.23%), PNB (5.15%), SBI (5.11%) and HDFC Bank (4.02%).
ICICI Bank has entered into a Rs 1,150-crore equity-cum-debt deal with Jaypee Infratech. The bank has decided to pick up 1% stake in Jaypee Infratech for Rs 250 crore. In addition, the bank will provide Rs 900 crore as long-term loan to the company.

BSE Health Care index inclined by 79.12 points to trade at 3,758.096 as Glenmark (5.10%), Divi’s Lab (4.98%), Biocon (3.42%) and Dr. Reddy (2.50%) are trading in positive.

BSE Oil & Gas index was trading 381.82 points higher at 10,112.23 as BPCL (4.25%), ONGC (4.10%), Gail India (4.08%) and Cairn India (2.96%) are trading in green.

BSE Power index increased by 139.15 points to trade at 3,102.01 as Reliance Energy (9.64%), Tata Power (7.59%), Power Grid (2.13%) and NTPC (1.57%) are trading in green.
Reliance Energy will buyback its shares worth Rs2,000 crore today. The company also said that the buyback would be made at a maximum price of Rs1600 a share.

BSE IT index grew by 201.41 points to trade at 3,623.37 as TCS (6.43%), Satyam (6.15%), Infosys (5.96%) and Wipro (4.76%) are trading in green.
TCS has set up a software development and delivery centre in North America with a capacity of 1,000 seats to cater to the customers.

BSE Auto index grew by 116.76 points to trade at 4,521.24. Leading to its gain are Hero Honda (3.70%), Maruti Suzuki (3.21%), Tata Motors (2.56%) and Mahindra & Mahindra (1.20%).
Tata Motors is now close to clinch the deal with Ford to acquire the iconic Jaguar and Land Rover – brands. The announcement about the signing of the agreement would be made latter this week.

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